As May 2024 unfolds, the cryptocurrency market continues to feel the ripple effects of the Bitcoin (BTC) halving event from April, traditionally a bullish catalyst for both Bitcoin and the broader cryptocurrency landscape.
This ongoing bullish sentiment is particularly beneficial for several cryptocurrencies approaching significant market cap milestones, including the notable $10 billion mark.
Finbold has identified two cryptocurrencies that are likely to surpass this threshold. These predictions hinge not only on the continuation of the bull run but also on the potential benefits of high supply inflation, which could lead to an increased market cap even if price movements remain minimal.
Picks for you
Against this backdrop, Polkadot (DOT) and Polygon (MATIC) are the two cryptocurrencies projected to achieve the $10 billion market cap milestone.
Polkadot (DOT)
DOT, known for its interoperability features and an expanding ecosystem of parachains—individual blockchains connected to and operating within the Polkadot network, is well-positioned for significant growth. The network’s sustained development and increased adoption of cross-chain applications could notably enhance its market cap.
Gavin Wood, Polkadot’s founder, recently introduced the Gray Paper outlining the upcoming Join-Accumulate Machine (JAM) upgrade for the network. This protocol is a decentralized hybrid system designed to deliver secure and scalable smart contract functionalities, integrating select features from Ethereum into Polkadot’s architectural framework, thereby enhancing its utility.
In recent news, DOT initially bucked its downward trend, rising by around 3% to a high of $7. However, it has since retraced to $6.56 as of press time.
According to a price prediction by Coincodex, DOT is expected to reach $8.07 by May 5, 2024, which would represent a 29.38% increase within the next five days.
To achieve a $10 billion market cap, Polkadot would need to see an approximate increase of 6% from its current market capitalization of $9.44 billion, indicating a realistic possibility that could significantly impact its overall price trajectory.
Polygon (MATIC)
MATIC currently holds a market capitalization of $6.62 billion, with its price hovering around $0.6702.It has experienced significant fluctuations recently but remains a focal point in the crypto market due to its core technology that enhances Ethereum’s (ETH) scalability and reduces transaction fees.
Despite recent declines, Polygon’s strategic position within the Ethereum ecosystem offers substantial upside potential. As Ethereum continues to dominate the blockchain space, the adoption of Polygon’s solutions could drive its market cap closer to the $10 billion milestone, signaling a promising horizon for MATIC.
It’s worth noting that despite being supported by several fundamentals, the possibility of the highlighted cryptocurrencies reaching the $10 billion mark will largely depend on whether the market maintains a bullish momentum.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
